Infosys was the top index gainer, up 1.50 per cent. Tech Mahindra, Sun Pharma, Asian Paint and SBI were among other Sensex gainers.
Domestic equity market benchmarks Sensex and Nifty were trading in deep red on Monday as global equities continue to slide amid coronavirus fears. The S&P BSE Sensex was trading 429 points or 1,04 per cent lower at 40,741, while the broader Nifty 50 index was ruling at 11,951, down 130 points or 1.08 per cent. “The markets will be looking to US president Trump’s visit to India and any indications towards the trade deal. Although no major announcements are expected, markets will be looking forward to commentary regarding the same. Defence stocks might be in focus. China is also expected to slowly limp back to normalcy as more factories resume work and the raw material constraints reduce, especially for the Auto, Pharma and electronics industry,” Vinod Nair, Head of Research at Geojit Financial Services said.
Key factors behind today’s fall-
- Sensex, Nifty stare at flat opening on Tuesday; 5 things to know before opening bell today
- Market Highlights: Sensex ends flat with a negative bias, Nifty above 11,200; IndusInd Bank, ONGC down 3%
- Strong global cues lead Indian share market, Sensex, Nifty end up for 2nd day; check what pushed D-St higher
23 Sensex stocks in red- As many as 23 out of 30 Sensex stocks were trading in red. Tata Steel was the top loser, down 3.54 per cent, followed by ONGC, ICICI Bank, HDFC, Maruti and LT. On the flip side, Infosys was the top index gainer, up 1.50 per cent. Tech Mahindra, Sun Pharma, Asian Paint and SBI were among other Sensex gainers.
Nifty Metal index top drag– Barring Nifty IT index, all the sectoral indices were trading in red. Nifty Metal index dropped 3.30 per cent, dragged by Jindal Steel, Hindalco and JSW Steel. While Nifty IT index was the only sectoral gainer, with Infosys, Tech Mahindra and Tata Elxsi as top index gainers.
NCAER pegs GDP growth at 4.9% in FY20- Think tank National Council of Applied Economic Research (NCAER) on Friday pegged the economic growth for the current fiscal at 4.9 per cent, a tad down from 5 per cent estimated by the National Statistical Office (NSO). However, for 2020-21, the NCEAR expects the Indian economy to improve its growth rate to 5.6 per cent, as per the PTI report.
US President Donald Trump India visit in focus– market participants are keenly watching the US President Donald Trump and First Lady Melania Trump’s two-day visit to India. A few announcements over defence deal and trade deal are expected during President Trump’s 36-hour stay in India.
Coronavirus new cases- China reported 409 new cases on the mainland, from 648 a day earlier, taking the total number of infections to 77,150 cases as of Feb. 23. The death toll rose by 150 to 2,592 according to a Reuters report.
Global shares fall- Global shares extended losses on Monday where Nikkei futures slipped more than a per cent. Australia’s benchmark index slid 1.6 per cent while New Zealand was down about one per cent. South Korea’s KOSPI index fell 2.2 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.7 per cent to 541.48. On Wall Street, the Dow Jones Industrial Average fell 128.05 points, or 0.44 per cent, to 29,219.98, the S&P 500 lost 12.92 points, or 0.38 per cent, to 3,373.23 and the Nasdaq Composite dropped 66.22 points, or 0.67 per cent, to 9,750.97 on Thursday.